CPH2 plc announces first year results
CPH2 (AIM: CPH2), the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser (“MFE”), is pleased to announce its inaugural set of results and report for the year ended 31 December 2022 (the “Period”).
Highlights
- Successful admission to AIM, a market operated by the London Stock Exchange, in February 2022, raising gross proceeds of £30.5m
- Awarded the London Stock Exchange Green Economy Mark at admission.
- Three major license agreements for manufacture signed and strong order book momentum:
- Kenera Energy Solutions Limited (“Kenera”), a business unit of our strategic shareholder, KCA Deutag Group.
- Fabrum Solutions Ltd (ex AFCyro), a New Zealand based advanced technology developer and manufacturer.
- GHFG Ltd, an Irish company focused on developing combined renewable energy and hydrogen production projects.
- As at 31 December 2022 CPH2 had five MFE220 electrolyser orders, with combined sales value of £6.5m, of which £1.8m has been received as deposits and has been treated as deferred income.
- CPH2 continues to receive growing interest in the MFE electrolyser and anticipates further demand for the technology following delivery of the first MFE220 units in 2023.
- £1.5m investment into ATOME Energy plc (“ATOME”) as part of ATOME’s placing in December 2022.
- The investment follows ATOME’s purchase order for the sale of a 1-megawatt (“MW”) MFE220 electrolyser in March 2022.
- Strengthened the senior leadership team whilst significantly investing in the workforce, increasing the head count from under 30 at IPO to 55 as at 31 December 2022.
- Year end net asset position of £25.2m, of which £15.3m was in cash or current assets investments (bank deposits).
Outlook
- Focused on the successful commercial delivery of the MFE220 1MW electrolyser with key milestone contingent upon the completion and acceptance testing of the MFE110.
- Design of the MFE110 completed in Q1 2023 with CPH2 currently testing the subsystems and expects to have full MFE110 units on test in H1 of 2023.
- Delivery of MFE110 to customer sites and subsequent testing arranged with customers considering their timing requirements scheduled to be completed in H2 of 2023.
- Design modifications on the MFE220 has continued and results from the MFE110 testing expected to be accommodated into the final designs of the MFE220 for production.
- Beyond completion and testing of the MFE220, CPH2 will continue to invest in R&D, looking to enhance the operational efficiencies of the MFE220 before finalising the design of the 2MW MFE440 in 2024.
- Company will continue to support licensing partners in preparation for production at facilities across the world including, Germany, New Zealand and Ireland.
- Following successful commercialisation, CPH2 expects to see strong and increasing customer demand for the MFE technology which the Company can accommodate through in-house manufacturing and through licencing partners.
Analyst and investor presentation
Chief Executive Officer, Jon Duffy and Chief Financial Officer, James Hobson will host an analyst and investor presentation via the London Stock Exchange (“LSEG“) SparkLive platform on Tuesday 25th April 2023 at 09:00 BST.
Sign up for the presentation is available via the LSEG website:
